Crypto analyst Ali (@ali_charts) has spotlighted Notcoin (NOT) showing potential for a breakout. In a tweet, Ali indicated that NOT is nearing a critical point, where a breakout could prompt a substantial price rally.
His insight comes as the token forms a bullish “falling wedge” pattern, a signal typically associated with reversals in favor of price gains. The pattern observed in Notcoin’s recent price action suggests a reversal could be imminent.
Characterized by two converging downward-sloping trendlines, this pattern reflects diminishing bearish pressure. This movement often signals a breakout when the price breaks above the wedge’s upper boundary.
#Notcoin $NOT is shaping a falling wedge pattern, hinting at a potential 60% price surge if it breaks above the $0.0076 level! pic.twitter.com/NHxmP8wwG3
— Ali (@ali_charts) October 29, 2024
As the price approaches the $0.0076 level, a successful breakout could set off a rally, with Ali’s projecting a 60% surge from current levels. A falling wedge formation is typically interpreted as a bullish signal in technical analysis, especially as volume decreases within the narrowing price range.
Ali’s analysis emphasizes that a confirmed breakout from the wedge pattern could validate the anticipated rally, drawing investor attention to the coin’s potential.
Key Notcoin Price Levels
Ali’s analysis pinpoints $0.0076 as the key breakout level, with a sustained move above it likely to accelerate price momentum. If achieved, the price target for NOT would be approximately above $0.0112, aligning with the 0.618 Fibonacci retracement level.
This Fibonacci level, often used by traders to forecast resistance zones, serves as a potential price target that matches the projected 60% gain.
Additional Fibonacci retracement levels plotted on the chart also indicate possible resistance points. These levels include 0.236 at $0.0203, 0.382 at $0.0161, 0.5 at $0.0134, and 0.786 at $0.0086.
Each level may present temporary resistance as NOT navigates its upward trajectory, should a breakout occur.
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Support and Price Action
The wedge’s lower boundary around $0.0061 has repeatedly served as a support level, providing a foundation for NOT’s structure. Should prices remain above this support, the bullish setup remains intact, but a breakdown below it could negate the bullish perspective.
Currently, NOT trades below $0.0071 on the chart at $0.006953 and slightly below Ali’s highlighted breakout level. Ali’s positive perspective suggests a possible upward move toward $0.0076.
According to Ali’s analysis, the outlook for Notcoin is optimistic, with the potential for a rise contingent on a breakout from its wedge formation. By focusing on $0.0076 as the breakout level, Ali higlights its importance as a pivot for validating the bullish scenario.
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